Where has the money gone?

Last week Nigel Kahn and I joined the Irons United Youtube show to explain the club’s finance and show where the money has gone.

The two-hour video can be seen below but the highlights of the main figures are below and the presentation can be downloaded from HERE

An Audio Podcast of the show can be found HERE-

2019 income £190.7m (Source: Companies house)

Ticket revenue £27m of which season ticket revenue is £23.5m

Commercial activities which include Corporate Hospitality (Club London and Sponsorship deals such as Betway and Umbro) = £27.5m Hospitality estimated to be £12m

TV income of £127.5m paid in instalments throughout the season

Retail/Club store £8.7m

Other Income £2m

Total Income £192.7m

Deloitte Football Rich List 2020 with West Ham listed 18th in the world is turn-over only

Total expenditure 2019 £229m

Club Operations £172m Transfers £57m

Wages £136m

Stadium Rent £3m

Depreciation of assets £2m

Interest £4m

Unspecified expenditure £27m Marketing, Rates etc

Amortisation of transfers £57m


Media rights and funding £75m facility July 2019

Three drawdowns of £10m, £16m and £13m made last summer Total £39m due for repayment in the summer of 2020

1% interest on the credit facility and 7% of funds borrowed.

Interest estimated to be £3.48m to Michael Tabor funded company

In 2013 As part of a refinancing deal David Sullivan loaned the club £6.7m as a bank of last resort charging interest. This loan was repaid over three years to David Sullivan with
the final payment made on 31st May 2016.

Tripp Smith £9.5m interest-free loan. Only repayable on sale of the club

Shareholder loans

Gold and Sullivan invested a total of £52.2m in shareholder loans to the club between 2011-2014. No additional shareholder loans have been made in the last four years. (2014=£3.5m 2013=£10.5m 2012=£35.2m 2011=£3m )

In July 2016 a company owned by David Gold and Icelandic CB Holding were paid £14.7m in settlement of loans

In August 2016 Gold and Sullivan were repaid £4.2m of their Shareholder loans plus a further £2.2m in interest

A further £10m of interest accrued at 6% was paid back to Gold and Sullivan on 18th August 2017.

The interest on the remaining balance has reduced from 7% to 4% in 2017.

On 29th August 2018 a further £4.6m of interest at 4% was paid back to the owners.

On 28th August 2019, a further £2.9m of interest at 4.25% was paid back to the owners.

On 28th August 2018 a company owned by David Gold was paid back £1m of loan capital.

Total Interest £19.7m plus another £7.2m of loan capital repaid

2010 debt £125m +

In 2010 West Ham had £110m of debts made up of £55.5m owed to banks £40m owed to other clubs and £20m owed to Sheffield United.

The 2009 accounts were the first to be released under Gold & Sullivan ownership showed £10m owed to a major shareholder

Advance on season ticket sales were £7.7m the first year and £7.25m the second year. The SBOBET sponsorship was believed to be worth £1.2m per year much of which was advanced also.

2019 debt £145m+

£45m owed to Gold and Sullivan

£9.5m owed to Tripp Smith

Transfers payments £87m

Short term bank loan of £39m excluded as paid off each year


West Ham had a net spend of £214.4m on new players over the last four years since move to London Stadium. Source: West Ham accounts and £285m net since 2010.

2015/2016 £42m

2016/2017 £33.6m

2017/2018 £12.1m

2018/2019 £89.5m

2019/2020 £35.7m

Source: Companies House

Agent fees

In 2019/2020 £13,167,647 in agent fees

In 2018/2019 £14,414,845 in agent fees

In 2017/2018 £8,387,694 in agent fees

In 2016/2017 £9,486,397 in agent fees

In 2015/2016  £2,691,331 in agent fees

In 2014/2015 £7,049,001.18 in agent fees

In 2013/2014 £6,380,339 in agent fees

In 2012/2013 £4,169,134 in agent fees

In 2010/2011  £4,436,992 in agent fees

In 2009/2010  £3,419,089  in agent fees

In 2008/2009  £5,527,548 in agent fees

Grand total: £79,130,017.18

Brady pay and bonuses

When David Sullivan and David Gold took over West Ham in 2010 they revealed they were paying Karren Brady out of their own pockets for the first six months.

The West Ham 2011 accounts show the Hammers Vice Chairman was paid £256,000 by the club for the first time.
That package increased to £427,000 in 2012 and then hiked up to a massive £1.634m in 2013 of which £1m was a bonus paid over 5 years for winning the bid to move to the London Stadium.

In 2014 her basic rose by just £2,000 to £636,000 rising by a further £10,000 to £646,000 in 2015.

2016 saw another bid rise to £907,000 before a slight decrease in 2017 to £868,000.

2018 was another bumper year with a base salary of £898,000 plus a consultant fee of £438,000 paid to a company controlled by Brady for introducing Tripp Smith as an investor making her annual total £1.336m.

In the accounts released in 2020 for 2019 her pay is seen to rise from £898,000 to £1.136m, a rise of 27% on last year.

£7.85m over eight years

She took a 30% pay cut during COVID lockdown along with David Moyes and CFO Andy Mollet

Happy to answer any financial questions on this thread

Talking Point

Suitors for a West Ham takeover

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Talks of a possible West Ham takeover are doing the rounds online this week with a suggestion we could see a move from an investor soon ready to test the owners resolve.

Below are some possible suitors for a takeover:

RedBall Acquisition Corp

The former Premier League boss Richard Scudamore has been appointed to the board of a US-listed company that has been set up to invest in European football, with a Premier League club understood to be top of its wish list.

The RedBall Acquisition Corp’s founders had been hoping to raise $500 million in an initial public offering (IPO) last week but high demand from investors meant underwriters sold another $75 million’s worth of shares, bringing the total to $575 million (almost £440 million).

The special purpose acquisition company (SPAC), which is registered in the Cayman Islands, started trading on the New York Stock Exchange this week, with a current share price just over the initial offer of $10.

Also known as blank-check companies, SPACs are publicly listed shell companies created to buy or merge with another company, with the money raised from an IPO.

Kapital Football Group

American investor Joseph DaGrosa Jr., chairman of Kapital Football Group (KFG), has already started ownership discussions with two Premier League clubs — although confidentiality agreements mean he can’t disclose who — and is poised to advance his plans with ownership platform KFG.
He calls the Premier League the “granddaddy of them all” when it comes to investing in football — “the league that people around the world look to for quality of play and that has the best recognition.”

Similar to Manchester City and City Football Group, KFG hopes to build a portfolio of clubs around the world, centered on an anchor club in one of Europe’s top leagues.
“We’re not overly concerned if a club is losing money, particularly in the Covid-19 environment,” DaGrosa tells CNN Sport.
“We understand the world has changed but we want to make sure that the club is positioned for on-field success which will ultimately lead to financial success.

Redbull GmbH

David Gold quashed reports of a potential takeover of the club from Red Bull earlier this year.
The global brand has been linked with a buyout of the Hammers in the past but nothing materialised.
Back in 2016, reports claimed David Sullivan and Gold turned down a £650m approach from Red Bull, but this was denied. In 2017, Red Bull’s global head of football Oliver Mintzlaff flatly rejected any suggestion they had made a takeover bid. “I should really know about this in my function because I’d be actively involved in it,” he said at the time.
Rumours resurfaced earlier this year online.

UAE investment group

The Daily Mail reported that there has been interest in the club from a high-powered and un yet United Arab Emirates group
The Abu Dhabi United Group for Development and Investment (ADUG) is a United Arab Emirates (UAE) based private equity company owned by Sheikh Mansour bin Zayed Al Nahyan who is a member of the Abu Dhabi Royal Family and Minister of Presidential Affairs for the UAE.

The primary interest of the group is its 78% majority ownership of City Football Group which owns Manchester City
Premier League rules would forbid the ownership of a second Premier League club.

Tripp Smith Consortium

West Ham director Tripp Smith, who bought a 10 per cent stake in the club with personal funds three years ago, is putting together a US consortium with a view to buying a controlling interest it was claimed by the Daily Mail.

The consortium rumours started in 2017 and have persisted ever since without any real substance and credibility.
Tripp Smith is not a billionaire which every report claims, he is a multi-millionaire but does not make Forbes rich list, the US version of the rich. Smith is also no longer in charge of financial firm Blackstone which manages billions in assets as is often claimed, he stepped down in 2019.

Often linked as a potential investor to the potential consortium was Microsoft co-founder Paul Allen who sadly passed away last year. The Seattle Seahawks owner died aged 65 from complications of non-Hodgkin’s lymphoma.

Todd Boehly

American billionaire Todd Boehly told Bloomberg back in September what he finds so appealing about the Premier League and discusses the chances of his buying one of its football clubs. He told how football is the biggest sport in the world and says the passion that the fans have for the sport and the teams is unparalleled. He goes on to say that the Premier League has no competition in the American Saturday morning TV sports schedule.

The businessman is no stranger to London as he studied at the London School of Economics. Chelsea and Spurs were both linked with potential takeovers by the American last summer with a $3billion bid for Chelsea turned down by their Russian owner.

Boehly is the chairman, chief executive officer and controlling member of Eldridge Industries, which is a private investment firm and the former president of Guggenheim Partners. He owns 20% of the LA Dodgers and part-owner of the LA sparks and is said to have a net worth of £4.72 billion. Boehly spent his early career at Credit Suisse First Boston which is where West Ham 10% shareholder Tripp Smith also worked prior to founding GSO Capital Partners.

Comolli led consortium

A report suggested ex-Liverpool technical director and former Spurs director of football Damien Comolli was looking to buy the Hammers.
Liverpool’s technical director is reportedly heading an American consortium looking to buy a Premier League club. The Frenchman was an influential figure in English football between 1996 and 2012 as he worked for Arsenal, Spurs and then Liverpool in various recruitment and strategic roles. But his last direct involvement with any Premier League club was at Liverpool. That spell ended after just two years.

Saudi Arabia consortium

The Saudi consortium headed up by mega-rich Mohammad Bin Salman has been linked with a potential takeover of West Ham in the past (Football Insider).
Amanda Staveley’s consortium is having trouble sealing a deal for Newcastle United which is backed the Saudi Arabian crown sovereign wealth fund, in conjunction with property magnates Simon and David Reuben

If they can’t conclude a deal for Newcastle it would be surprising that they could turn their attentions to West Ham.

Qatar Investment Fund

A report in the Daily Telegraph in 2019 claimed that the Qatari Royal family are looking at the possibility of buying an English club has increased speculation that West Ham could be a target. Qatar Sports Investments which owns PSG is chaired by Nasser Al-Khelaifi, who is also PSG’s president. The report claimed QSI was exploring whether it makes sense to buy a club in England to expand its portfolio to challenge in the Premier League

Uefa rules forbid two clubs in a European club competition, such as the Champions League or Europa League, being directly or indirectly controlled by the same entity however this would not be a problem if the Qataris used a different vehicle other than QSI. In 2016 a Daily Mail story suggested that West Ham are a target of a Qatari takeover however rumours were at that time denied.

CAA – Creative Artists Agency

Perhaps one of the most random suggestions is that CAA have their eyes on West Ham takeover.
It is an American talent and sports agency based in Los Angeles, California in the US and is regarded as the most dominant and influential company in the talent agency business and manages numerous clients.

They are rumoured to want to move into the sports team business and have the ambition to own a Premier League club.

Talking Point

Ken's Cafe wants memories

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Ken’s cafe is to close its doors at the end of this month it has been announced.

The Green street eaterie once the favourite cafe of many West Ham fans is shutting down.

The family are asking for memories, stories, pictures and well wishes to be emailed for a scrapbook.

Ken and Carol Lucas have been running Ken’s Cafe for 53 years.

Grandson Billy Huckstepp posted the following on the Boleyn Days Facebook group.

Dear fellow Hammers
Ken’s cafe is retiring 1967-2020!!

I am after a little help from you all if you can.

My Nan and Granddad own Ken’s Cafe in Green Street. This was the first cafe as you left the Boleyn ground heading towards Upton Park tube
(also had a burger table outside the shop front)

Ken and Carol Lucas have decided that after 53 years, this is the right time to close their kitchen for good!!
For the majority of their years, West Ham and the supporters were a significant part of their lives and business

Many of you may have your own memories of the cafe over the years.

As a memorial to their time owning the café, We (the family), would like to make a scrap book/ collage for them, from their customers, supporters, happy hammers and friends that they have made over this lifetime of trading.

And this is where I ask you for your help.

We would like you to use the email address at the bottom of this post to send any good wishes, memories, Experiences and photos etc, that you may have and wish to share with them, for us, so we can present them in a scrapbook /collage of them to keep, as West Ham and you have been such a big part of their lives for such a long time.

We are looking to give this to them at the end of the month so please if there is any help you or someone you may know, that went into the cafe and could take a few moments to send a quick email, that would be gratefully appreciated

Any information will only be privately used for Ken and Carol to keep as a scrapbook/collage

Many thanks in advance

Family of Kens Café

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Talking Point

2020 London Stadium Survey results

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The results from the London Stadium survey 2020 are in with 11,672 match going supporters filling it out – we are able to publish today a true reflection of West Ham fan’s updated perception of the London Stadium, one year on from the last survey and 44 months after moving in. On the whole, perceptions have decreased in the majority of categories over the last 12 months.

The supporter survey was promoted by several West Ham websites, blogs and social media channels.

After nearly four years in the London Stadium do you believe that the move was a good idea?

Yes 15%
No 67%
Not sure 18%

A swing of 40% on last year when 27% said it was not a good idea.

When will the London stadium feel like our proper home?

It does already 7%
4-5 seasons 12%
6-10 seasons 12%
+10 seasons 12%
It never will 57%

Another swing of 36% on last year saying the London Stadium will never fill like home.

If you are a season ticket holder do you plan to renew for next season?

Already have/Multiyear deal 1%
Yes 26%
No 12%
Not sure 24%
Not a season ticket holder 34%
On the waiting list 3%

With season ticket renewals yet to be announced it hard to compare these results against last year’s.

If you are a season ticket holder have you ever used ticket exchange functionality for matches you can’t make?

I never miss a game 15%
Yes sometimes 20%
Yes, every time I can’t go 8%
I prefer to sell it myself or forward to a friend or family 27%
Not worth it financially 21%
I prefer to leave my seat empty 9%

Broadly similar to last year although the amount who prefer to leave their seat empty when not in use has risen from threefold from 3%

What is your view on the general matchday atmosphere at the London Stadium in terms of volume and support for the team?

Excellent 4%
Good 18%
Average 42%
Poor 36%

A swing of 22% to poor on last year not impressed with the London Stadium atmosphere.

What is your view on the quality of stewarding and security taking into account the last game you attended at the London Stadium?

Excellent 2%
Good 18%
Average 38%
Poor 42%

A swing of 11% to poor for the quality of stewarding at the Stadium

What is your view on the quality, choice and price of food and drink within the London Stadium?

Excellent 1%
Good 10%
Average 35%
Poor 54%

A swing of 13% to poor on this section compared to last year

What is your experience of the London Stadium sightlines and views of the pitch from your seat?

Excellent 9%
Good 29%
Average 31%
Poor 31%

What is your experience of travelling to and from the London Stadium taking into account walking, public transport or car?

Excellent 8%
Good 27%
Average 30%
Poor 35%

A 10% swing to poor compared to last year

How do you rate your general matchday experience at the London Stadium?

Excellent 3%
Good 21%
Average 41%
Poor 35%

A 21% swing to poor compared to last year

West Ham has been criticised by some for not paying enough in the contribution to the running costs. Do you think West Ham should pay more?

Yes 33%
No 39%
Don’t know 28%.

A swing of 11%  who believe West Ham should pay more for the London Stadium compared to last year

Do you think West Ham will become a regular top-six club within the next five years as a result of the move to the London Stadium?

Yes 3%
No 88%
Not sure 9%

A swing of 16% on No compared to last year

Do you think West Ham will kick on to the next level and become a top-four team within ten years as a result of the move to the London Stadium?

Yes 3%
No 87%
Not sure 10%

A swing of 17% on No compared to last year

Do you think the West Ham board are doing a good job?

Excellent 1%
Good 4%
Average 22%
Poor 73%

The biggest swing of the survey with a 57% swing to poor for the West Ham board.

Last year 2019 figures were Excellent 3% Good 36% Average 45% and Poor 16%

How well does West Ham value you as a supporter and listen to fans concerns?

Excellent 1%
Good 4%
Average 24%
Poor 71%

The second biggest swing of the survey with a 40% swing to poor on valuing and listening to supporters.

Last year 2019 figures were Excellent 2% Good 20% Average 47% and Poor 31%

These results together with 4,950 additional comments were sent to David Sullivan, David Gold,  Karren Brady, Tara Warren and Andy Mollet on Saturday morning.

A copy of the full 2020 survey data including all comments can be downloaded from HERE  

Previous years London Stadium Survey results

2019  2018  2017 


London Stadium Survey 2020

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Just over three years ago West Ham Till I Die with others ran the first London Stadium survey in March 2017.

Supported by a number of different West Ham websites, blogs and social media accounts, the survey was completed by over 10,000 match-going supporters in previous years.

The 2019 survey results were published last year at:

The 2020 survey takes around three minutes to fill out and is designed only for those who have visited the London Stadium in-person to sample one or more West Ham games this season. Please base your answers on your most recent visit to the London stadium to recognise areas which may have improved or deteriorated.

We would like to encourage as many season ticket holders, claret members and general admission ticket supporters to answer this questionnaire as possible so please spread the word far and wide on forums and social media. This is designed to be an independent survey of supporters and not affiliated one particular West Ham site, blog or social media channel.

A copy of the results of this survey including all comments will be shared with the West Ham board of directors after the closing date.

Fill in the 2020 London Stadium Survey at

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